Buy young – and build wealth
13 Dec 2019
Gaining a head start on the property ladder
It’s a well-known fact that young people are finding it tougher than ever to buy their first home and taking the first steps on the property ladder are an uphill struggle for many.
But if you’re fortunate enough to do it, it pays to get on the property ladder as early as you can.
Economics pundits are predicting a more stable outlook for property buying now that the General Election is decided and the New Year might well be the time younger people think seriously about buying their very first home.
Throughout the East and West Midlands there is substantial private residential development underway, still with the benefit of Help to Buy schemes, alongside areas of affordable older inner city properties in the major cities of Nottingham, Leicester and Birmingham that just might allow that vital leeway to buy.
The specialist team at OnlineEstateAgents.com have extensive experience working to help young buyers search their first property online, as well as encouraging vendors to test the market through value for money, no-obligation sales packages.
Be it with the help of the ‘bank of mum and dad’, a Help to Buy mortgage deal, or committed, careful saving, the younger you can do it the better able you will be to aim high on the property ladder later in life.
With the future of pensions becoming more and more precarious, property is seen as a firm foundation for financial growth, so it’s a wise move if you can start building equity young. You could spend tens of thousands in renting costs over your lifetime and have nothing to show for it.
The first home you search and buy online doesn’t have to be your dream home, but it provides a vital start that opens up a whole raft of options for future expansion as you make inroads in your career.
Once you’ve overcome the obstacle of obtaining a mortgage and buying a home, there’s even the opportunity to rent out a room or rooms of the property. You may have to spend a little extra to make the place suitable for rental, but your mortgage could be fully covered by the rent received, with some to spare.
Homes in a good location tend to not only hold their value, but can increase steadily over a few years. Buying young could enable you to sit back and watch your house value rise over the years, allowing you to inject the profits into a larger property.
Buying at a young age allows you to customise your space much more than if you were simply renting. It’s a good feeling to know too that you will be moving on your own terms in the future, while having a solid base that’s yours provides you with confidence to settle down.
Thinking of selling?
Property portals will be busy in the coming weeks as people tend to begin their online property search over Christmas or early in the New Year.
If you’re thinking of moving, now may well be the time to test potential interest. To ensure your property is properly priced, get a free and instant online property valuation with OnlineEstateAgents.com and seek advice from our expert team of independent property professionals.
For further information about homes for sale online contact Online Estate Agents Ltd; on 0330 1244 786.
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